155. (1) Except in the case of an application by an ICAV to be struck off the register of ICAVs, the Bank may strike an ICAV off the register of ICAVs if—

(a) the ICAV is not an authorised ICAV,

(b) there exists one or more of the grounds for striking off set out in section 156, and

(c) the Bank has followed the procedure set out in sections 157, 158, 160 and 163(1).

(2) In the case of an application by an ICAV to be struck off the register of ICAVs, the Bank may strike the ICAV off the register of ICAVs if—

(a) the ICAV is not an authorised ICAV,

(b) the conditions for striking off set out in section 161 have been satisfied, and

(c) the Bank has followed the procedure set out in sections 162 and 163(2).